House prices in the UK rose for the first time in 15 months during November with London leading the charge higher, a closely-watched survey found today.
The three months to November saw chartered surveyors reporting more than four per cent rises than falls in prices . October’s figures showed a balance of eight per cent reporting falls.
Buyer enquiries have consistently risen over the past six months and the market slowdown appears to have come to an end. Relatively low interest rates and a healthy job climate have helped avoid a housing crash that have followed previous slowdowns in the 1970s and 1990s.
With house prices turning positive, confidence about the future of the market among surveyors is at an 18 month high.
Ian Perry, spokesman for Rics (Royal Institution of Chartered Surveyors) said, "All the numbers point to renewed price rises. There is a universal expectation from agents that interest rates are heading down again in the new year, which is providing the market with confidence.
"The biggest increases have been seen in London where city bonuses are expected to help the market along in the coming months."
Looking forward, Rics expects UK house prices to rise four per cent in 2006 and 2007.
These rises are set to be fuelled by a 0.25 per cent cut in interest rates in the first six months of 2006, although this could be thwarted by wage increases at the start of the year.
Rics predicts purchases will rise in 2006, having dropped off in the last for two years.
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House prices rise again Tue, 20 Dec 2005
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